我国上市公司融资的若干问题研究

【作者】 苏利平；

【导师】 李大诚；

【作者基本信息】 首都经济贸易大学 ， 会计学， 2004， 硕士

【摘要】 上市公司融资的问题是一个热门的问题，也是上市公司在市场化过程中遇到的一个普遍而又复杂的问题。 因为资金短缺是我国上市公司普遍存在的财务问题，因而融资问题是我国上市公司普遍面临的必须首先解决的现实问题。资金短缺引发的融资问题不只是一种现象，其背后蕴含着融资的资本结构等问题。资本结构由债务资本和权益资本构成，进而引出股权融资偏好、股权结构、债权人市场及其内部组成等更深层次的问题。这么复杂的逻辑结构，笔者是以实证和规范相结合、分析和说理相协调的方法来研究的。 我国上市公司普遍存在股权融资偏好：股权结构复杂，股权过于集中，国家股、法人股比重大，非流通股比重高的问题；同时我国债权人市场规模偏小、债务融资工具单一。这种现状有其原因，这样的资本结构有其根源性的影响因素。股权结构、股东结构、激励机制和行业的成长周期及其市场竞争程度是影响我国上市公司资本结构的根源性因素。股权融资偏好主要是由上市公司法人治理结构的缺陷、股权融资的低成本、不受监督和约束的内部人控制、信息不对称及政策导向等原因造成的。 本论文针对现状，依据原因和根源性的影响因素，提出了相应的优化我国上市公司资本结构和完善我国债权人市场的有益建议。前者主要可以通过改进股市流动性、防止大股东相互串谋、构建有效的激励机制和根据不同的行业竞争程度选择不同的资本结构的办法来解决。后者主要可以通过营造诚信环境、加大法院执行力度、完善破产法和公司法、完善票据市场、促进债券市场的创新、培育债券的机构投资者和发行可转换债券等办法来解决。更多还原

【Abstract】 The financing of listed companies is a general and complicated problem. Because the shortage of fund is a generally financial problem faced to the listed companies in China. The financing is not only a kind of appearance, but also a profound and complicated problem of structure. The capital structure is made up of debt financing and equity financing. There brings the deeper problems, such as preference of equity financing, ownership structure and the market of creditors. To such a complicated logical structure, I study it in the empirical and normal, analytic and reasonable ways.There are many problems in the listed companies in China, such as an obvious preference of equity financing, the complication and focuses of ownership, The ratio of shares of the Country and corporations is very high. The ratio of shares which can’t circulate is very high, too. At the same time, the size of the market of creditors is very small, and the ways of debt financing is very limited.There are two kinds of factors to influent the capital structure of listed companies in China’s young capital market. The first can be described as system factors, such as structure of ownership, the structure of stockholders, and incentive mechanisms, etc. The other can be concluded as non-system factors, known as the growth cycle of industry, degree of market competence, even the market of control rights and creditors and so forth. The defects of corporation governance, the low cost of equity financing, the flaws of controlling by inner persons, asymmetric information and policy trend lead to obvious preference of equity financing. According to the problems, reasons and rooted influential factors, I give some helpful advice correspondingly to improve the capital structure in the listed companies in China and to improve the market of creditors in China. The former consists of to increase the circulation of stock market, to prevent big shareholders from collaborating, to create effective incentive mechanism, and to choose the appropriate capital structure according to the separate degree of market competence. The later consists of to create sincere environment, to enhance the execution of courts, to improve the laws of bankrupt and corporation, to improve the notes market, to blaze new trails of bonds market, to raise the organization investors and to issue the convertible bonds.更多还原